Toshiba, a Tokyo-based manufacturer of power generators,
personal computers and televisions, and GE plan to each take a
50 percent stake in the venture and aim to seal their alliance
by the end of the year, Toshiba spokesman Toru Ohara said by
phone. The companies will focus on power systems that combine
gas and steam turbines to more efficiently produce electricity.

“Our 30-year relationship with GE has been mainly focused
on Japan in the past, and we are excited to work toward
collaborating with GE in select projects around the world,”
Norio Sasaki, Toshiba’s president and CEO, said in a statement.

Toshiba shares rose as much as 1.9 percent to 372 yen on
the Tokyo Stock Exchange, heading for their highest level since
March 28, 2012. The benchmark Nikkei 225 Stock Average fell 0.2
percent.